TIMELINE: Controversy has dogged HIPS
LONDON (Reuters) - Property sellers of homes with four or more bedrooms in England and Wales will have to provide a home information pack (HIP) from Wednesday.
Here is a short history of HIPS, which have been beset by controversy.
* The idea of HIPs was included in Labour's 2001 election manifesto, with the promise that the party would "make it easier for people buying and selling homes through a new sellers' pack".
* Plans for legislation to bring in the packs were included in the Queen's Speech in 2003.
* It was envisaged that the packs would include everything a buyer needed to know about the property before making an offer, including the title deeds, local authority searches and a survey, known as a "home condition report".
* The government argued that having this information would not only speed up the house buying process, but would also reduce the chances of house sales falling through.
* However, the packs have been fiercely opposed.
* Market commentators warned that the packs could distort the housing market and would also have little positive impact on the buying and selling process, forcing the government into a series of U-turns.
* In June 2006, ministers bowed to pressure saying that home condition reports would no longer be a mandatory part of the packs. Continued...
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